Rotherham-based engineering firm continues to invest for growth
AESSEAL, one of Britain’s most valuable engineering businesses, has reported a significant 12.5 per cent rise in sales in 2017, as it benefitted from the weakness of the pound.
The Rotherham-based company designs and makes seals for a wide range of global industries including oil and gas, food, water, mining and pharmaceuticals.
Group turnover rose 12.5 per cent to £170.6m in the year to December 31st, 2017, with organic sales growth of 6.75 per cent when adjusted for acquisitions and currency fluctuations.
Group net assets rose to £103.5m, a rise of 14.2 per cent from 2016, and the group held a positive cash balance of £17.4m at year end, after increasing capital expenditure – which included investment of £6.8m in additional 9 and 11 axis machining capacity.
Founder and managing director Chris Rea OBE said: “Despite a climate of continuing political and economic uncertainty, the AES group has delivered a strong result for 2017 and is confident of progressing positively this year and beyond.”
“The investment in 2017 is not only to service increased demand but also to support the group’s stride to take advantage of digitalisation and the Internet of Things. Our confidence for the future is built on the excellence of our product and service offering and the business model and value proposition of the group, which is unique in the industry sector.”
AESSEAL has recorded more than three decades of near constant growth under Mr Rea’s leadership and continues to innovate in order to remain ahead of competitors and deliver industry leading customer service levels.
Mr Rea added: “Being located in South Yorkshire plays a key role in the success of the business. The steel industry heritage in the area means we have a skilled labour force.”
“After 30 years of continued product development we believe we are in a very strong position – with a range of differentiated and enhanced patented technology for almost all Wet and Dry Gas Seal applications – and that we can secure as large a percentage of global applications as any other global mechanical seal supplier. Going forward our development will focus on emerging technologies and connecting the group’s consultancy and reliability business digitally to its physical product range in order to offer the best possible service to customers.”
AESSEAL has recently reaffirmed its position as an industry leader and training innovator with success at two prestigious awards ceremonies and a Lifetime Achievement awards for Chris Rea from the British Pump Manufacturers’ Association.
The company received the award for International Trade at TheBusinessDesk.com’s Yorkshire Business Masters Awards 2018 and the Manufacturing Apprenticeship/Training Award in the Made in Sheffield (MiS) Awards, which celebrate excellence in manufacturing across the city region.
Mr Rea said: “We’re particularly proud and honoured to have received two such diverse awards from two highly respected organisations as Made in Sheffield andTheBusinessDesk.com. They’re a great reflection of the issues that AESSEAL® is passionate about – constantly investing and innovating to expand our brand into new markets, and providing a strong and supportive learning environment to develop high calibre, highly skilled engineers of the future.”